Senate Returns New Budget Code to Majilis After Second Reading

The Senate deputies reviewed the draft Budget Code. After the second reading, it was sent back to the Majilis, Orda.kz reports.

The discussion included representatives from the Supreme Audit Chamber, national economy and finance ministries, and deputies.

According to senators, the new code aims to enhance public finance management and strengthen fiscal decentralization.

Key changes include improved transparency in spending and new budget process management approaches.

The new Budget Code is aimed at reforming budget policy, introducing block budgeting and establishing transparent parameters for financial management. This will allow us to move away from traditional 'budget management', explained the finance and budget committee Chair, Sultanbek Makezhanov.

The deputies introduced the following amendments during the code's discussion:

1. Enhanced oversight of National Fund resources, including the mandatory return of non-targeted transfers and proposed differentiation of monthly guaranteed transfer volumes based on actual budget needs.
2. Requirements for tax benefit information in analytical reports and defined conditions for state guarantee of export support.
3. Proposed inclusion of subsidies for hydraulic structure development and emergency situation prevention and response in republican budget expenditures.
4. Mandatory monthly budget execution reporting for government agencies and strengthened treasury control over government procurement and construction.
5. Islamic finance development, including defined conditions for state Islamic securities issuance and budgetary obligation financing procedures.

Original Author: Artyom Volkov